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Call sheet · Q1'25

SiTime (SITM)

Q1'25 earnings call · held May 7, 2025 · compared with the Q4'24 call · management-credibility review
3/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that SiTime's consumer business is cannibalizing their premium model, with the largest customer growing 76% but management refusing to quantify the margin drag. Yes, datacenter tripled, but the binding constraint is that their next growth driver (1.6T modules) won't generate meaningful revenue until 2026-2027. Management's tell: 'We're working to offset and mitigate that pressure to deliver the 60% by the end of the year', classic hedging language when Beth was asked directly about margins. My view changes if they restore segment margin disclosure and show datacenter margins expanding enough to offset consumer pressure.

The 30-second version

  • The sleeper: New consumer business with 76% growth is dragging margins but management won't quantify the impact
  • AI datacenter tripled YoY but the real story is 20+ 1.6T design opportunities that won't hit until 2026
  • CapEx running at $16M/quarter with no clear payback timeline while inventory builds to $83M

What changed this quarter

MetricQ4'24Q1'25Change
Revenue$68.1M (+61% YoY)$60.3M (+83% YoY)+2200 bps YoY acceleration despite sequential decline
EPS$0.48$0.26-46% sequential decline
Net Income$11.8M$6.3M-47% sequential drop
Operating Income$7.6M$2.1M-72% sequential collapse
Gross Margin58.8%57.4%-140 bps sequential compression
CED Revenue$24.8M (+156% YoY)$29.3M (+198% YoY)+18% sequential, accelerating YoY growth
Auto/Industrial Revenue$20.5M (+32% YoY)$14.1M (+10% YoY)-31% sequential, decelerating YoY
Mobile/IoT Revenue$22.8M (+33% YoY)$16.9M (+64% YoY)YoY acceleration but -26% sequential
Largest Customer Revenue$16.4M (24% of sales)$11.1M (18% of sales)-32% sequential but +76% YoY
Operating Cash Flow$13.6M$15.0M+10% sequential improvement

Accountability tracked

7 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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